Auditor Report of K2 Systems Ltd.

Mar 31, 2014

We have audited the accompanying financial Statements of M/s K2 SYSTEMS LIMITED which comprise the Balance Sheet as at 31st March 2014, The statement of Profit & Loss Account and the cash flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companies management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the company in accordance with the accounting standards referred to in Sub-section (3C) of section 211 of the companies Act, 1956. This responsibility includes the design, Implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditors Responsibility

We have audited the attached Balance Sheet of M/s K2 SYSTEMS LIMITED, Hyderabad as at 31st March 2014, the Profit & Loss Account and also the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation.

We believe that our audit evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us the said accounts read with other notes to accounts and accounting policies give the information required by the Companies Act 1956, in the manner so required and give a true and fair view:-

i) In the case of Balance Sheet of the state of the affairs of the Company as at 31st March 2014 and

ii) In the case of Profit & Loss Account of the Loss of the Company for the year ended on that date.

iii) In the Cash Flow statement of the Cash Flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order,2003 ("the Order") issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

As required by Section 227(3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act.

Annexure to the Auditors' Report (referred to in paragraph 3 of our Report of even Date to the Members of K2 SYSTEMS LIMITED for the year ended March 31,2014)

1.

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. There is no discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2. In our opinion and according to the information and explanations given to us, the Company having inventory. Accordingly, the provisions of clause 4(ii) of the Order are applicable to the Company.

3. In our opinion and according to the information and explanations given to us, the company has not granted or not taken any loans secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301.

6. a) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements needs to enter in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year.

b) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

7. In our opinion, the company has an internal audit system commensurate with the size and nature if its business.

8. The Central Government has not prescribed the maintenance of records in pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. According to the records of the company, there are no dues to statutory authorities.

a) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at 31.03.2014 for a period of more than six months from the date they became payable.

b) According to the records of the company, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/cess within have not been deposited on account of any dispute.

10. The company has incurred accumulated losses Rs.41,002,659 /- as at the end of the financial year. The Company has not incurred any cash losses during the financial year covered by our audit and no cash losses in the immediately preceding financial year.

11. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. We also report that the company has not held any shares, securities, debentures and other securities in its own name.

13. In our opinion, the Company is not a chit or a Nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. The company is not in the business of dealing or trading in shares, securities, debenture and other instruments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loans from financial institutions.

17. Based on our examination of the balance sheet of the company as at 31.03.2014, since there is no loans availed by the company, the utilization of funds does not arise.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company does not have any outstanding debentures during the year.

20. During the year the company has not raised any money through the public issue.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For M M REDDY & CO. Date: 13.08.2014 Chartered Accountants Place: Hyderabad Firm Reg. No. 010371S

Sd/- (M.Madhusudhana Reddy) Partner Membership No.213077

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Mar 31, 2013

1. We have audited the attached balance sheet of K2 SYSTEMS LIMITED, as at 31st March 2013, and also Profit and Loss Account for the year ended on that date annexed there to. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4a) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order

4. Further to our comments in the Annexure referred to above, we report that:

a. We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

c. The balance sheet. Profit and Loss Account dealt with by this report are in agreement with the books of account;

d. In our opinion, the balance sheet, Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31stMarch 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956;

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st march 2013; and

(b) In the case of the Profit and Loss Account, of the Profit for the year ended on that date;

Annexure to the Auditors' Report {referred to in paragraph 3 of our Report of even date to the Members of K2 SYSTEMS LIMITED for the year ended March 31,2013)

1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. There is no discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2. In our opinion and according to the information and explanations given to us, the Company having inventory. Accordingly, the provisions of clause 4(ii) of the Order are applicable to the Company.

3. In our opinion and according to the information and explanations given to us, the company has not granted or not taken any loans secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301.

6. a) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements needs to enter in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year.

b) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

7. In our opinion, the company has an internal audit system commensurate with the size and nature if its business.

8. The Central Government has not prescribed the maintenance of records in pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. According to the records of the company, there are no dues to statutory authorities.

a) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at 31.03.2013 for a period of more than six months from the date they became payable.

b) According to the records of the company, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/cess within have not been deposited on account of any dispute.

10. The company has incurred accumulated losses Rs.41,002,659 /- as at the end of the financial year. The Company has not incurred any cash losses during the financial year covered by our audit and no cash losses in the immediately preceding financial year.

11. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. We also report that the company has not held any shares, securities, debentures and other securities in its own name.

13. In our opinion, the Company is not a chit or a Nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. The company is not in the business of dealing or trading in shares, securities, debenture and other instruments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loans from financial institutions.

17 Based on our examination of the balance sheet of the company as at 31.03.2013, since there is no loans availed by the company,the utilization of funds does not arise.

18 The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company does not have any outstanding debentures during the year.

20. During the year the company has not raised any money through the public issue.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For MM REDDY & CO. Chartered Accountants Firm Reg No. 010371S

(M.Madhusudhana Reddy) Partner Membership No.213077 Date: 25/05/2013 Place: Hyderabad

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Mar 31, 2012

1. We have audited the attached balance sheet of K2 SYSTEMS LIMITED, as at 31st March 2012, and also Profit and Loss Account for the year ended on that date annexed there to. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4a) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

4. Further to our comments in the Annexure referred to above, we report that:

a. We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

c. The balance sheet, Profit and Loss Account dealt with by this report are in agreement with the books of account;

d. In our opinion, the balance sheet, Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st march 2012; and

(b) In the case of the Profit and Loss Account, of the Profit for the year ended on that date;

Annexure to the Auditors' Report (referred to in paragraph 3 of our Report of even date to the Members of K2 SYSTEMS LIMITED for the year ended March 31,2012)

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) Fixed Assets have been physically verified by the management and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. There is no discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year.

2. In our opinion and according to the information and explanations given to us, the Company having inventory. Accordingly, the provisions of clause 4(ii) of the Order are applicable to the Company.

3. In our opinion and according to the information and explanations given to us, the company has not granted or not taken any loans secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301.

6. a) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements needs to enter in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year.

b) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

7. In our opinion, the company has an internal audit system commensurate with the size and nature if its business.

8. The Central Government has not prescribed the maintenance of records in pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. According to the records of the company, there is no dues to statutory authorities.

a) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at 31.03.2012 for a period of more than six months from the date they became payable.

b) According to the records of the company, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/cess within have not been deposited on account of any dispute.

10. The company has incurred accumulated losses Rs.42044010 /- as at the end of the financial year. The Company has not incurred any cash losses during the financial year covered by our audit and incurred cash losses Rs.31301/- in the immediately preceding financial year.

11. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. We also report that the company has not held any shares, securities, debentures and other securities in its own name.

13. In our opinion, the Company is not a chit or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. The company is not in the business of dealing or trading in shares, securities, debenture and other instruments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

15. The company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not taken any term loans from financial institutions.

17. Based on our examination of the balance sheet of the company as at 31.03.2012, since there is no loans availed by the company,the utilization of funds does not arise.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company does not have any outstanding debentures during the year.

20. During the year the company has not raised any money through the public issue.

21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For M M REDDY & CO. Chartered Accountants Firm Reg. No. 010271S

Sd/- (M. Madhusudhana Reddy) Place: Hyderabad Partner Date : 30.09.2012 Membership No. 213077

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Mar 31, 2011

We have audited the attached Balance Sheet of M/s K2 Systems Limited as at 31st March 2011, the Profit and Loss Account for the period from 1st April 2010 to 31st March 2011 and the Cash Flow Statement for the period ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether financial statements are free from material misstatements. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement position. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor's Report) Order, 2003, issued by Central Government of India in terms of Section 227 (4-A) of the Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of said order, to the extent applicable to the Company.

2. Further to our statement referred to in paragraph 1 above

a) We have obtained all the information and explanations, which to the best our knowledge and belief were necessary for the purpose of our audit.

b) in our opinion, proper books of accounts as referred by law have been kept by the Company so far as it appears from examinations of such books.

c) the Balance Sheet and Profit and Loss account and Cash Flow Statement referred to in the report are in agreement with the books of accounts.

d) in our opinion, the Balance Sheet and Profit and Loss account and Cash Flow Statement comply with the Accounting Standards referred in Sub- Section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2011 from being appointed as a director under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit and Loss account read together with the notes annexed to and forming part of the accounts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in so far as it relates to the Balance Sheet, of the state of the company as at 31st March 2011

(ii) in so far as it relates to Profit and Loss Account of the profit for the year ended on that date.

(iii) Cash Flow Statement, of the cash flows of the Company for the period ended on that date.

1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) As explained to us, the management has physically verified most of the fixed assets during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of the assets. No material discrepancies were noticed on such verification.

c) The fixed assets disposed off during the year by the company are not substantial and hence, it has not affected the going concern status of the company.

2. a) Inventories were physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stock and the book records were not material.

3. a) The company has not granted loans to the parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) We are informed that the unsecured loans taken from the Directors are interest free. In the absence of information relating to terms and conditions of such loans, including their repayment, we are unable to comment as to whether they are prejudicial to the interests of the Company.

4. In our opinion and the according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to sale of goods.

5. According to the information and explanations given to us, we are of the opinion that there are no transactions that need to be entered into the Register maintained under Section 301 of the Companies Act, 1956.

6. The company has not accepted any deposits from the Public. Hence, the provisions of Sec. 58A and 58-AA of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, do not apply to this Company.

7. In our opinion, the company has an adequate internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed under section 209 (1)(d) of the Companies Act, 1956 the maintenance of cost record for the products of the company.

9. a) According to the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Excise Duty, Sales Tax and Customs Duty were in arrears as at 31st March, 2011 or a period of more than six months from the date they became payable.

10. The Accumulated Losses of the Company have exceeded fifty percent of its networth as at the end of the period. The company has incurred no cash losses in the financial year under report and also in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

12. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

13. According to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

14. According to the information and explanations given to us and on over all examination of the Balance Sheet of the Company, we report that no funds raised on short term basis has been used for long term investments. No long-term funds have been used to finance, short term assets.

15. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

16. During the year, the Company has not raised money by Public Issue. Hence the question of disclosure and verification of end use of such monies does not arise.

17. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the financial year.

18. The clauses (xiii) and (xiv) of the paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company as the Company is neither engaged in the business of a Chit Fund or a Nidhi Mutual Benefit fund / Society not in trading in shares, securities, debentures and other investments.

For BALAJI VISWANATH & Co. Chartered Accountants (Firm Reg. No. 008194S)

Sd/- B. Balaji Viswanath Place: Hyderabad Proprietor Date : 02.05.2011 Membership No. 029357